Based in Atlanta, Jameson owns and operates 107 proprietary-branded hotel properties in 12 southeastern and Midwestern states. Its brands include the Jameson Inn and Signature Inn names. It also has licensed 12 hotels to operate as Jameson Inns. Longhouse Hospitality group, controlled by JER Partners, will operate the hotel chain after the merger. Jameson Inns will continue to do business under its brand names.
The per share price to Jameson Inns' shareholders is a premium of approximately 30% based on the closing price of Jameson Inns common stock on May 19. "This transaction provides significant incremental shareholder value for Jameson Inns' shareholders," said Thomas W. Kitchin, chairman and CEO of Jameson Inns.
The merger is subject to customary closing conditions, including the approval of a majority of the outstanding Jameson Inns common shares at a meeting of Jameson Inns shareholders. It is expected to be completed in the third quarter of 2006. The merger is not subject to the ability of JER to obtain financing. JER is the investment arm of the locally based JE Robert Cos. Joseph E. Robert Jr. is founder, chairman and chief executive officer of the firm.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.